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'It Ain't Nothin': P. Diddy Loses $1 Million To Rick Ross In A Game Of Craps (WATCH)

P. Diddy was crowned the wealthiest hip-hop mogul this year with an incredible fortune of $580 million so it comes as no surprise that the rapper wasn't crying over losing $1 million to Maybach Music Group boss Rick Ross in a game of craps.

The 44-year-old, who is CEO of the Bad Boy Records label in addition to a string of lucrative endorsements, hung out with Rick Ross at a recording studio on Saturday morning just hours before they both headed to the big fight between Floyd Mayweather and Canelo Alvarez where the likes of Lil Wayne and Justin Bieber were in attendance.

P. Diddy now owes Rick Ross $1 million after losing in a game of craps (WENN)

While most would assume that being in a studio together, Diddy and Ross would be making music - however, it would seem that the pair were enjoying some downtime and indulged in a game of craps, which involves the players placing money on the outcome of a roll.

A video posted on Diddy's Instagram begins with a handwritten note which reads: “To R.R. I owe u! 1,000,000. Diddy,” before the camera pans round to Diddy drinking from a bottle of vodka and capturing the moment he realises he has to pay up the hefty sum.

“Double or nothing right now live,” Diddy says before Ross adds: “I'm gonna sell that [note] as a piece of art.” Sharing the gut-wrenching news with his followers, Diddy didn't seem too bothered about the tiny dent in his bulging wallet and boasted of his fortunes.

“I just lost a million dollars. It ain't nothin. #SuckMyD**kB***h. I just lost a million to @rickyrozay in the studio recording Big Homie,” Diddy tweeted.

Earlier this year, Diddy was crowned the richest hip-hop mogul by Forbes magazine with an incredible net worth of approximately $580 million, fending off competition from the likes of Jay Z, Dr. Dre, Birdman and 50 Cent who round off the top five respectively.